$6 Billion United Nations Agency Launches Bitcoin, Ethereum Crypto Fund

[SummerBliss]

This is indeed a great step taken by the members of United Nation agency that they are recognizing the need of Blockchain technology and cryptocurrencies.They are setting example for others institutions and governments which are oppising it that we should be the part of innovations and promote them.The UN is also accepting deposits in the form of btc and ETH in form of donations.This might not give boost to prices but in long run it will surely have effect on crypto market as others will also accept this.

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[fiulpro]

Even if they are accepting deposits in the form of ETH and BTC doesn't necessarily means that They Are going to support the Bitcoins fully , I think it's a matter of time before they actually start with their own currencies and expect the people to go through with it . I don't think why would Government allow the currencies that are all set on Killing the governmental ones and aid them , they would for sure have some motives I think
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But if it's as simple as it seems to be then it's very good news.

[1Referee]

I think it's a matter of time before they actually start with their own currencies and expect the people to go through with it

Perhaps, but that doesn't mean they can force you to use it.

Corporations or organizations launching their own currency are limited to the regulations within each country they operate in. They can't offer people the freedom the way Bitcoin does. This is the main reason why Bitcoin will continue to prosper over anything centralized that's abiding by shitty laws governments force them to follow.

If the trend amongst centralized entities to launch their own coin or token continues, it only proves why Bitcoin is so important with how it can't be created out of thin air. It also will make Bitcoin come out as clear winner because it has no borders to respect, which centralized entities have, otherwise they'll be shut down by governments swiftly.

[SaShiRaJaVu]

If the trend amongst centralized entities to launch their own coin or token continues, it only proves why Bitcoin is so important with how it can't be created out of thin air. It also will make Bitcoin come out as clear winner because it has no borders to respect, which centralized entities have, otherwise they'll be shut down by governments swiftly.

We have seen the token explosion in the past and majority of them died down eventually and now we might see the explosion of centralized coins and then in the future some countries will come up with their version of government coins to trade, everything is possible and there is no doubt that bitcoin will be the winner in the end as people will understand the difference between these centralized coins and a decentralized coin like bitcoin.

[Faxmate]

This is indeed a great step taken by the members of United Nation agency that they are recognizing the need of Blockchain technology and cryptocurrencies.They are setting example for others institutions and governments which are oppising it that we should be the part of innovations and promote them.The UN is also accepting deposits in the form of btc and ETH in form of donations.This might not give boost to prices but in long run it will surely have effect on crypto market as others will also accept this.

If USA is promoting bitcoin and a mighty organization which is dealing with all issues prevailing all over the world whether they are economically or social are accepting bitcoin for donations, then definitely bitcoin is soon going to be legal all over the world or at least in the developed countries of world. This will help people understand the worth and value of bitcoin.

[Kakmakr]

What am I missing here? We need something that would draw more people to bitcoin, not some institution that would draw people to donate their bitcoins to these institutions and projects and then having those coins almost immediately converted to Fiat again. 

It's the same with all these large retailers accepting Bitcoin and when you dig a little deeper, you find out they only accept Bitcoin payment if it is done via payment processors and they are only interested in the cash <fiat> and not the actual bitcoins. 

[blckhawk]

This just proves that Bitcoin and other cryptocurrencies are not just a one-time get-rich scam. The whole technology has potential and can be applied to different scenarios such as this. Transparency + irreversible transactions would gain the trust of the people donating to UN. This would also attract more donators since some of them are discouraged of the fees just to transfer funds, while in Bitcoin/altcoins, there's muh lesser fees to transact.

[clickerz]

This just proves that Bitcoin and other cryptocurrencies are not just a one-time get-rich scam. The whole technology has potential and can be applied to different scenarios such as this. Transparency + irreversible transactions would gain the trust of the people donating to UN. This would also attract more donators since some of them are discouraged of the fees just to transfer funds, while in Bitcoin/altcoins, there's muh lesser fees to transact.

We are going there, that one day cryptocurrencies (legit ones) will work just like cash when it is widely distributed and fully liquid. Unlike now that  some whales accumulates a big chunk that can dump the price at will.

UNICEF's acceptance of bitcoin as donation strengthened the trust and position of bitcoin in cryptosphere and we are expecting more institution to follow.

[BitHodler]

What am I missing here? We need something that would draw more people to bitcoin, not some institution that would draw people to donate their bitcoins to these institutions and projects and then having those coins almost immediately converted to Fiat again. 

As long as there is risk exposure to volatility, which is a legitimate concern for any party transacting in Bitcoin (directly or indirectly), there will be a centralized service used to hedge that volatility risk.

From a business/charity perspective it's more than understandable because all they are interested in is cold hard fiat money. Bitcoin is just an additional tool providing income they otherwise wouldn't have.

It's a bitter pill to swallow for Bitcoiners, but that's just how things are. I'm sure that it will improve in the future where coins will be held longer or actually spent instead of directly dumped for fiat.

[versprichnix]

If you think of rising wealth for yourself, and not on help for the poors and nature, natural economic rules will vaporise you.

[Wexnident]

“We don’t see the Crypto Fund so much as being crypto,” says Lomazzo, speaking from Unicef’s Office of Innovation in New York City. “What we really see it as is being ready for a digital future. We’re going to need to be ready to deal with digital assets whether that be bitcoin or ether or some other government-backed digital currency. It could be any of those, but this is really helping us build up the muscles to understand how to live or how to on-board digital assets.”

I tried to format the article so that a person can sift through nearly all of the relevent information simply by reading the bolded segments. But its not perfect.

Suffice it to say, this is a HUGE move by the UN.

I really like how they viewed crypto as a digital future. Unicef accepting crypto as not a virtual currency but rather as a currency shows that much potential in the future of our world.

While Lomazzo and the rest of her team hope the Crypto Fund will help them tap into the $170 billion combined market capitalization represented by bitcoin and ethereum, there’s a second, potentially bigger reason for the nonprofit to accept and invest in crypto. At the time of launch only general donations can be accepted, but in the future, the Crypto Fund is especially well suited for directed donations, in which a donor can specify that his or her funds be used only, for example, to purchase pencils for schoolgirls in a particular region and would have 100% certainty that’s exactly what happened. Because ethereum and bitcoin transact on shared, public ledgers, the flow of funds can be easily tracked from donation to purchase. A 2018 report in the Journal of Accounting, Auditing & Finance showed that charities displaying a seal of transparency from the nonprofit GuideStar experienced a 53% increase in donations over the following year.

This is rather interesting. The transparency it gives out could potentially prove to be a plus on most of the beneficiaries' side. People could easily take notice of things that they find rather weird if ever and could easily report it to the higherups, showing a much more secure way of spending their money. If only governments would adopt such usage and let the people see how funds are spent every year, there would probably be no conflicts of the people against the government themselves and scams such as embezzlements could easily be taken note of.

[el kaka22]

Let's calm down a bit with the clickabity titles. It sounds like this agency invested 6 billion dollars into crypto but in reality we are talking about a branch of a huge charity to start doing some experiments with crypto acceptance on their charity, they definitely didn't pull that much money thanks to crypto at all, they just have a general 6 billion fund and only a portion of it is crypto, hell they didn't even made profits of crypto that sizable, they just started accepting it and investing it back into crypto startups.

It is an amazing news, we need stuff like this all the time and it definitely will ripple into other parts of the world but it is not 6 billion dollars worth of big news, it is a "maybe one day 6 billion dollars" type of big and that is not bad neither.

[magneto]

The UN is opening the door to crypto donations in bitcoin and ethereum and have announced plans allow a person to donate crypto to specific projects they run, in the future. Whether it be providing school supplies for needy children in third world countries. Or developing biometric identification for people in africa. They plan to allow transparency and choice in terms of specifically where individual donations go. Crypto funds will also be used to fund startups associated with blockchain/technology.

These ideas are not new. There have been other crypto ventures which structured their goals along these lines.

Its not the type of futuristic development one would normally expect from the UN, however.

I'm positively surprised, actually.

And thanks for making this post so easy to read with the bolded parts, it's much better than having to churn through lines of text.

However, while I personally think that this is a positive development and a statement to the status that BTC now has in terms of being a global reserve currency (it's not there yet to the point that central banks and governments would see it as a hedge against forex movements, but it could be there soon), accepting donations in BTC in itself doesn't necessarily mean much.

If the UN can use the crypto that they receive in donations directly onto its projects, without converting it into fiat, or even using the funds to help the unbanked in third world countries with a new initiative, then THAT would be truly awesome.

[Periodik]

Let's calm down a bit with the clickabity titles. It sounds like this agency invested 6 billion dollars into crypto but in reality we are talking about a branch of a huge charity to start doing some experiments with crypto acceptance on their charity, they definitely didn't pull that much money thanks to crypto at all, they just have a general 6 billion fund and only a portion of it is crypto, hell they didn't even made profits of crypto that sizable, they just started accepting it and investing it back into crypto startups.

It is an amazing news, we need stuff like this all the time and it definitely will ripple into other parts of the world but it is not 6 billion dollars worth of big news, it is a "maybe one day 6 billion dollars" type of big and that is not bad neither.

Well, the mere fact that the United Nations have considered it, there is already a show of a little confidence in it, or at least a little friendly approach. And I don't think it is just a mere experiment. It is probably be about the idea that crypto is something feasible in our modern world even in terms of charity.

[bitgolden]

It is definitely a great step forward, thankfully some new generations are seeing the benefits of bitcoin and crypto, I have always said it and will always say it; all things technology related will only get better with 60+ year old people of right now keep dying.

I know it sounds horrible when you say it like that because most of our parents are in that age bracket but think about it, even the 50 year olds are not bad with tech, 40 year olds are great with tech, even if there is a new one we get used to it and learn it and use it very well, whereas the 60+ year olds are barely capable of using computers (a very minority part of them knows it but that is about it, most of them can't even use mobile phones to its fullest) so when the current 30-40 year olds become 50-60 year olds, our world will be filled with people who understands technology well enough and catch up to it very well which will be the time blockchain and crypto will skyrocket like its standard method of global payments.

[Murat]

   
Indeed a piece of great news so far, For me, it's important to spread out around the whole world by this recognized organisation, I think when people see that type of initiative from UN and its organs then it might work as an influencing factor, I don't have any problem whether it is an experimental or not, I appreciate that initiative because it needs to go to the mass, if this approach from the UN body by taking donation and provide also as a donation then there will be a certain good result for this Bitcoin and Cryptocurrency, I think it would work as a promotional purpose also. so let make this thing happen, After all, It's the UN and it matters.

[nasipadang]

Donation transparency like this is good news, isn't this progress in finding a futuristic business fund. the crypto community is increasingly growing, especially when prices rise. With the benefits this technology provides, it will be easier to manage transactions. This is also a good step for crypto growth, because unicef and the UN are commendants of commendable praise, maybe people who see crypto as a crime transaction can change their minds.